KARACHI: Investors kept up the buying momentum on last trading day of the week with the KSE-100 index adding 340.69 points (0.91 per cent) and close at 37,583.89.
The market has surprised the best among the pundits with a consistent run up so that the stocks have rallied in 11 out of the last 12 trading days.
On Friday, the index dipped for a shortwhile by 18 points, but was able to keep its head above the water largely in both the sessions with closing seen near intraday high of 392 points.
Buying was spearheaded by the individuals who purchased shares of $2.52 million followed by mutual funds — the major sellers during the year — taking fresh position in stocks worth $2.45m.
There was some slight nervousness among analysts as the leading buyers in the current run have been individuals with minimal institutional participation on the buying side. While improving macroeconomic indicators have provided faith to investors who view the future with optimism, any instability on the political side and concerns of an over-bought market are keeping institutional investors cautious.
The volume increased 10pc to 368.4m shares, from 336.4m shares a day ago while traded value dipped by 6pc to $61.6m, as against $65.4m. Buying activity was observed almost across the board, but was mainly contributed by banks, oil and gas marketing companies, steel, cement and fertiliser sectors.
Cement saw Cherat, Fauji, Maple Leaf, Pioneer and DG Khan all closing in green. The prospects of an upcoming boom in the construction activity also saw impressive activity in steel where International, Aisha, Amreli and Mughal all closed at their upper circuits.
Major contribution to the index upside came from Habib Bank, higher by 1.26pc, Dawood 2.68pc, Pakistan State Oil 2.71pc, National Bank 4.98pc, Millat Tractors 5pc and Engro Corporation 0.58pc.
Published in Dawn, November 16th, 2019